Business
54% of agile Nigerians unemployed, says economic council chair
More than a half of Nigerian labour force are currently unemployed or underemployed, Chairman of the Presidential Economic Advisory Council, Prof. Doyin Salami, has said.
According to him, Nigeria needs to create 19 million jobs every year to solve the unemployment problem in the country.
Salami spoke on Tuesday at a webinar on privatisation organised by the Nigerian Stock Exchange, in collaboration with the Nigeria Governors’ Forum and the Nigerian Investment Promotion Council.
He said, “When you look at it in terms of the youth element of our labour force, it is somewhere around 64 per cent. More than a half of Nigeria’s labour force is either unemployed completely or underemployed.”
Salami specifically said the rate of underemployment and unemployment in the Nigerian labour force stood at around 54 per cent.
“Now, if we are going to remedy this, Nigeria needs to be creating roughly 19 million jobs. If we are going to do that, it cannot be the responsibility of the government sector. The whole revenue profile of the government sector in Nigeria, federal and state, is somewhere around 10 per cent,” he said.
He also declared, “Right now, Nigeria’s economic challenge is a very significant and potentially severe one. Yes, I know our economy hasn’t performed well; we have seen so far this year a contraction in the economy, and prospects are that for the rest of the year, the economy will continue to contract.
“If Nigeria’s economy is going to grow, investment is going to be at the heart of that growth. Up until now, our attention has typically been focused on the Federal Government especially in terms of the balance of its recurrent and capital spending.”
The foremost economist noted that Nigeria currently has an investment to GDP ratio of between 15 and 18 per cent.
“If we are going to make any meaningful progress, we need an investment to GDP ratio that does not fall at any time perhaps over the next decade below 25 to 30 per cent. So, no matter how we look at it, investment is going to be the fundamental catalyst for growth,” he said.
He stressed the need for the country to generate investment levels that could support growth that must exceed the rate of growth of population, currently estimated at about 3.2 per cent.
Business
Iran-Israel war: Petrol nears N1,000/L, further hike imminent
Iran-Israel war: Petrol nears N1,000/L, further hike imminent
Filling stations across the country have adjusted the pump price of premium motor spirit (PMS), otherwise known as petrol, with a litre sold at almost N1,000 across the country.
This followed the recent increase in the price of crude oil on the global market, triggered by the escalating Israel-Iran hostilities, with marketing advising Nigerians to brace up for further increases unless there is a de-escalation of the current tension.
Newstrends reports that since the conflict started, there has been severe damage to critical oil infrastructure, triggering a sharp spike in global oil prices.
Spike in crude prices
As soon as the conflict started, Brent crude increased by 11.71% from $66.45 penultimate Monday to $74.23 after hitting an intraday high of $78.50, the highest since January 27.
Also over the penultimate weekend, U.S. West Texas Intermediate crude finished at $72.98 a barrel, up $4.94, or 7.62%.
Similarly, WTI jumped over 14% to its highest since January 21 at $77.62. WTI climbed 13% to its level a week ago.
Israel and Iranian hostilities have worsened volatilities in the oil and gas sector as investors are on the edge of price instability amidst fear of escalating Middle East conflict.
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As of yesterday (Sunday), crude prices have rallied above $77 per barrel, slipping from $79 over the weekend. There are fears of further increases following US President Donald Trump’s decision to strike three nuclear facilities in Iran, even as Iran has vowed retaliation.
Fear of further spike as Iran vows retaliation
Analysts say retaliation from Iran may increase crude prices further.
As the third-largest oil producer in the world, Iran accounts for over 24 percent of the oil in the Middle East and over 10 percent of the global oil.
In a worst case scenario, JP Morgan said it sees oil averaging $60 in 2026, but flagged $120–$130 per barrel as a potential range in the event of worst-case outcomes—namely, military conflict and a closure of the Strait of Hormuz, through which one-fifth of global oil flows.
JP Morgan noted that while such escalations could lead to meaningful supply disruption, particularly if Iran’s 2.1 million bpd of exports are cut off, its base case still assumes diplomacy holds.
While increasing prices of crude means more foreign exchange inflows for Nigeria, its flip side is the rise in the price of PMS at the domestic market, with analysts and marketers warning that Nigerians should brace up for more.
Speaking on the rising oil prices, Chief Executive Officer, Centre for the Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf explained that while the surge in crude oil price would impact on foreign exchange earnings, oil being the biggest forex earner for the country, “Economies around the world [Nigeria inclusive] would witness a surge in the price of petrol, diesel, jet fuel, gas and related products in the near term. This would have far reaching implications for many economies and businesses.”
He said, “This would even be more impactful if output performance improves. Crude oil price has surged to $75 per barrel, which is about 15% higher than before the outbreak of the Israeli–Iran conflict.
“This development would also positively impact the country’s foreign reserves, ensure better forex liquidity and ultimately the stability of the naira exchange rate.”
Iran-Israel war: Petrol nears N1,000/L, further hike imminent
Daily Trust
Business
Bank of Agriculture gets FG’s N1.5trn
Bank of Agriculture gets FG’s N1.5trn
The Federal Government has recapitalized the Bank of Agriculture with N1.5 trillion as part of a broader strategy to enhance food security and support farmers across the country.
Additionally, more than N200 billion has been deployed toward agricultural initiatives, including the distribution of 2.15 million bags of fertilizer and the creation of a comprehensive farmer registry aimed at reaching over 42 million households.
This development was disclosed in a statement signed by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, on Sunday.
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The statement revealed that the Minister of Agriculture and Food Security, Senator Abubakar Kyari, made the announcement during a high-level meeting with officials from The Gambia’s Ministry of Agriculture in Abuja.
The minister reiterated Nigeria’s dedication to “sustainable mechanization, youth inclusion, and regional collaboration within ECOWAS.”
In response, The Gambia commended Nigeria’s strides in rice production and sought technical assistance to emulate the country’s success in that sector.
Also speaking, Nigeria’s Minister of State for Agriculture, Senator Aliyu Abdullahi, noted that the nation’s advancements in agriculture could serve as a blueprint for the continent. He stated, “Nigeria’s agricultural progress can serve as a guide for Africa in achieving food sovereignty.”
Bank of Agriculture gets FG’s N1.5trn
Business
Dangote refinery raises petrol ex-depot price to N880/litre
Dangote refinery raises petrol ex-depot price to N880/litre
Nigerians may soon pay more for Premium Motor Spirit (PMS) following a fresh hike in ex-depot prices by the Dangote Petroleum Refinery.
The refinery on Friday raised the rate to N880 per litre, up from N825, according to information obtained by Chronicle NG.
This N55 increase is expected to reverberate across the fuel supply chain, potentially pushing pump prices above N900/litre in some areas, particularly those distant from major depots.
The hike comes amid a global decline in crude oil prices. On Friday, Brent crude dropped by 3.02% to $76.47, WTI declined to $74.93, and Murban fell to $76.97. However, this price relief on the international market offers little benefit locally due to ongoing concerns about supply disruptions and exchange rate instability.
Dangote Group President Aliko Dangote attributed the price adjustment to operational costs and an increased reliance on imported crude oil. He disclosed that the refinery is now “increasingly” sourcing crude from the United States due to local shortages.
Reports show that the refinery is projected to import 17.65 million barrels of crude oil between April and July 2025, with 3.65 million barrels already received in the past two months. This development is taking place under the Federal Government’s naira-for-crude policy.
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Addressing the Technical Committee of the One-Stop Shop for the crude and refined products initiative, Dangote explained that the refinery continues to battle crude shortages, necessitating U.S. imports.
On Monday, Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), criticised fuel marketers for inflating prices despite global crude oil price drops.
“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre,”
he said.
Osifo argued that Nigerians should benefit from lower fuel prices when crude prices fall.
“If Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.”
The increase now appears to affirm Osifo’s warning, with many depot owners and distributors bracing for new pricing benchmarks. Sources indicate that fuel marketers have been on hold since Tuesday when Dangote paused sales and withheld new PFIs, triggering speculative pricing hikes.
As supply resumes at the new rate, downstream players anticipate widespread adjustments to retail pump prices, raising renewed concern over affordability and inflationary pressure.
Dangote refinery raises petrol ex-depot price to N880/litre
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